Legacy National Bank Losses Nearly $4M in ?08
by February 9, 2009 12:00 am 74 views
We knew profit and loss statements for calendar 2008 weren’t going to be good for banks, there’s just no avoiding it. We haven’t done a rundown of all the banks, but we did look at Northwest Arkansas’ start-up and new-to-market banks that showed up in 2004 and 2005:
Legacy National Bank of Springdale posted a loss of $3.96 million for 2008, according to call reports posted by the Federal Financial Institutions Examination Council. It closed 2007 with a loss of $500,000.
Parkway Bank, which relocated its charter from Portland, Ark., to Rogers in 2004, lost $1.59 million in 2008 after losing $490,000 at the end of 2007.
Profitable banks were Fayetteville-chartered Signature Bank of Arkansas with $311,000 in net income (it made $136,000 in 2007) and Pinnacle Bank of Rogers, which made $339,000 in 2008, after losing $1.68 million in 2007.
LNB took its share of licks in 2008, having to buy the Legacy Building of Fayetteville, a building it had already foreclosed on, for $11.25 million.